Circor to buy remaining 40% of joint venture in China
Burlington, MA—Circor International Inc. recently agreed to acquire the remaining 40% interest in its Chinese joint venture, Suzhou KF Valve Co. Ltd. (SKVC) for $6.75 million from its partner, Suzhou Valve Factory.
Burlington, MA — Circor International Inc. recently agreed to acquire the remaining 40% interest in its Chinese joint venture, Suzhou KF Valve Co. Ltd. (SKVC) for $6.75 million from its partner, Suzhou Valve Factory. SKVC produces ball valves for Circor's petrochemical segment markets. The deal must be approved by China's regulatory authorities, but is expected to close in the first quarter of 2005.
'Since its inception in 1995, the SKVC operation has been extremely successful in achieving its goal of providing high quality ball valve products for our petrochemical customers worldwide,' says David Bloss, Circor's chairman, president and CEO. 'Having achieved ISO and American Petroleum Institute [API] certification, it has become a critical part of Circor's Petrochemical Products segment.
'Once SKVC is 100% Circor owned, we plan on increasing capacity for the existing ball valve product line, expanding its capabilities into additional products, and developing a sales and marketing base for the Asian market. We view this as a tremendous opportunity to capitalize on our well established base of operations in China.'
Circor provides valves and fluid control products that allow users worldwide to use fluids safely and efficiently in the instrumentation, thermal fluid regulation and petrochemical markets.
Control Engineering Daily News Desk
Jim Montague, news editor